Managed Account Programs:
Continuing Emergence of Unified Managed Account (UMA) Programs, Direct Indexing, & Model Portfolios

Recently Released!!!
Date Published: March 15, 2023
Summary PowerPoint Deck: 403 Slides

Reference PowerPoint Deck: 1,626 Slides

The purpose of this research is to provide readers with a comprehensive understanding of managed account programs, including separately managed account (SMA) programs, mutual fund advisory programs, exchange traded fund (ETF) advisory programs, & unified managed account (UMA) programs, as well as rep as portfolio manager and rep as advisor programs. No individual trend across the financial advisor channels in recent decades has been as profound as the shift away from commission brokerage towards these six types of managed account programs. This comprehensive research includes a detailed history, statistics on the leading programs, details of each program type, highlights of each distribution channel, and predictions for the future. This research is part of Tiburon's broader coverage of financial products & services.

This research starts with a context setting chapter, and then outlines the key historical phases of managed account programs, including:
  • Emergence Phase
  • Explosive Growth Phase
  • Financial Advisor Driven Programs Dominance Phase
  • Unified Managed Account (UMA) & Rep as Portfolio Manager Programs Phase
  • Unified Managed Account (UMA) Programs, Direct Indexing, & Model Portfolios Phase
This research addresses core managed account program types, including:
  • Separately Managed Account (SMA) Programs
  • Mutual Fund Advisory Programs
  • Exchange Traded Fund (ETF) Advisory Programs
  • Unified Managed Account (UMA) Programs
  • Rep as Portfolio Manager Programs
  • Rep as Advisor Programs
This research defines key markets & distribution channels for managed account programs, including:
  • Wirehouses, Other National Brokerage Firms, & Regional Brokerage Firms
  • Discount & Online Brokerage Firms
  • Independent Advisors (Independent Reps & Fee-Based Financial Advisors (RIAs))
  • Other Financial Advisor Channels
And this research makes several future predictions for managed account programs, including:
  • Substantial Growth for Managed Account Programs
  • Fastest Growth in Unified Managed Account (UMA) Programs & Still Substantial Growth in Separately Managed Account (SMA) Programs (Due to Direct Indexing) & Rep as Portfolio Manager Programs (Due to Portability)
  • Early Growth in Fee-Based Financial Advisors (RIAs) Leveraging Managed Account Programs (AKA FA Turnkey Asset Management Programs (FA TAMPs))
  • Parallel Growing Importance of Portfolio Accounting & Reporting Systems (FA Platform TAMPs)
  • Pricing Pressure & Potential New Pricing Models
  • Substantial Growth in Managed Account Programs International (Non-United States) Markets
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